Best Small Business Loans in New Hampshire 2024: Finest Selection

LLCBase is your go-to place for everything about LLCs, and it's led by Brian Cohan, who's an expert in the field. Brian and our team are here to give you clear and helpful advice on how to set up and manage an LLC. We've been through the process and know the ins and outs. Our articles and guides are based on real experiences, making them practical for you. We're committed to helping you make smart choices for your business. With LLCBase, you're in good hands as you navigate the world of LLCs.

Best Small Business Loans in New Hampshire

In 2023, the landscape for small business loans in New Hampshire is expected to remain competitive and diverse, offering entrepreneurs various financing options to support their ventures. With the continued growth of online and alternative lenders, small businesses will have even more opportunities to access tailored financing solutions that best suit their needs. 

Discover a world of funding solutions for your New Hampshire LLC, from short-term cash boosts and flexible credit lines to tailor-made financing options. Gain access to diverse lenders, loan products, and cutting-edge fintech platforms for speedy, efficient, and accessible small business loans in New Hampshire. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

What is a Small Business Loan

A small business loan provider is a financial institution, lender, or service that offers financing solutions specifically designed for small businesses in New Hampshire. These providers facilitate access to capital for small businesses, helping them meet various financial needs such as working capital, equipment purchases, expansion, and other growth-related expenses. Small business loan providers can include New Hampshire banks, credit unions, online lenders, and alternative financing companies. They offer a range of loan products, such as term loans, lines of credit, invoice financing, and merchant cash advances, each tailored to meet small businesses’ unique needs and requirements.

10 Best Small Business Loans in New Hampshire

We will discuss New Hampshire’s ten best small business loans, including eligibility criteria, loan amounts, annual percentage rates (APRs), and required minimum credit scores. Business loans provide financing options for business owners who want to start an LLC in New Hampshire. We’ll also provide the pros and cons of each business loan to help you make the best decision for your New Hampshire LLC.

1. OnDeck – Best for Short-term Loans

OnDeck is a leading online lender specializing in providing small businesses with short-term loans and lines of credit. With a simple application process, fast approval times, and flexible repayment options, OnDeck is an ideal choice for businesses seeking quick access to capital for short-term needs, such as working capital, inventory purchases, or unexpected expenses.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 29.9%

Minimum Credit Score: 625

Pros
  • Fast approval process
  • Flexible repayment options
  • Offers both term loans and lines of credit
Cons
  • High-interest rates for those with lower credit scores
  • Requires a personal guarantee
  • Not ideal for long-term financing
  • Unavailable in Nevada, North Dakota, or South Dakota.

2. Lendio – Best for Lender Comparison

Lendio is a small business loan marketplace that connects borrowers with a vast network of lenders, allowing business owners to compare loan options from various providers. By offering a wide range of loan products and personalized recommendations, Lendio helps businesses find the best financing solutions tailored to their unique needs and financial situation.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 560 or higher

Loan Amounts: $500 – $5,000,000

APR: starts at 3%

Minimum Credit Score: 560

Pros
  • Access to a vast network of lenders
  • One application for multiple loan options
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees

3. QuickBridge – Best for Fast Funding

QuickBridge is an alternative lender that provides fast and flexible funding solutions to small businesses. With a simple application process, quick approval, and funding often within 24 hours, QuickBridge is an excellent choice for businesses needing immediate capital to address short-term financial needs or seize growth opportunities.

Eligibility Criteria

  1. At least nine months in business
  2. Minimum monthly revenue of $8,000
  3. Personal credit score of 850 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10-factor rates

Minimum Credit Score: 850

Pros
  • Fast funding, often within 24 hours
  • Simple application process
  • Early payoff discounts
Cons
  • Requires daily or weekly repayments
  • Short loan terms (up to 15 months)
  • Not ideal for startups or businesses with low revenue

4. American Express Business Blueprint™ – Best for Lines of Credit

American Express Business Blueprint™ offers a range of financial solutions, including term loans and lines of credit, exclusively to American Express cardmembers. With flexible repayment options, competitive rates, and no origination or prepayment fees, this program provides businesses with the financial flexibility and support they need to grow and succeed.

Eligibility Criteria

  1. Must be an American Express cardmember
  2. Good credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $250,000

APR: Varies by loan term

Minimum Credit Score: 640; good credit history is required

Pros
  • Flexible repayment options
  • No origination or prepayment fees
  • Offers both term loans and lines of credit
Cons
  • Only available to American Express cardholders
  • Limited to businesses with strong financial performance
  • Requires a personal guarantee

5. BlueVine – Best for Flexible Lines of Credit

BlueVine is an online lender that offers flexible lines of credit and invoice factoring solutions to small and medium-sized businesses. With fast approvals, competitive rates, and the ability to draw funds only when needed, BlueVine’s lines of credit provide businesses with the financial flexibility they need to manage cash flow and seize growth opportunities.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 6.2%

Minimum Credit Score: 625

Pros
  • Fast approval and funding
  • No prepayment penalties
  • Only pay interest on the funds you use
Cons
  • Not available for some industries
  • Requires a lien on business assets
  • Higher APRs for those with lower credit scores
  • Unavailable to businesses in North and South Dakota, Puerto Rico, and other U.S. territories

6. National Funding – Best for Small to Mid-Sized Businesses

National Funding is a trusted alternative lender that offers a variety of loan products, including working capital loans, equipment financing, and merchant cash advances, designed to meet the unique needs of small to mid-sized businesses. With flexible terms, high approval rates, and a quick application process, National Funding is a reliable financing partner for businesses seeking tailored funding solutions.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 600 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10%-buy rates

Minimum Credit Score: 600

Pros
  • Flexible loan terms and repayment options
  • High approval rates
  • Quick application process
Cons
  • Not transparent about APRs
  • Requires a personal guarantee
  • Not ideal for startups or businesses with low revenue

7. Fundbox – Best for Small to Mid-Sized Businesses

Fundbox is an innovative financial technology company that provides lines of credit and invoice financing solutions to small and medium-sized businesses. With a fast and straightforward application process, transparent pricing, and flexible repayment options, Fundbox helps businesses manage cash flow challenges and unlock growth opportunities.

Eligibility Criteria

  1. At least two months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 600 or higher

Loan Amounts: $1,000 – $150,000

APR: Start at 4.66%

Minimum Credit Score: 600

Pros
  • Fast funding, often within 24 hours
  • No prepayment penalties
  • Transparent pricing and fees
Cons
  • Short loan terms (up to 12 months)
  • Requires weekly repayments
  • Not suitable for startups or businesses with low revenue

8. TD Bank – Best for Healthcare Professionals

TD Bank offers specialized financing solutions designed exclusively for licensed healthcare professionals, including dentists, veterinarians, and physicians. With flexible repayment terms, relationship-based pricing, and a deep understanding of the healthcare industry, TD Bank is a trusted financing partner for healthcare practices seeking to grow, expand, or modernize their operations.

Eligibility Criteria

  1. Licensed healthcare professionals
  2. Good personal credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $5,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 660; good credit history is required

Pros
  • Specialized financing options for healthcare professionals
  • Flexible repayment terms
  • Relationship-based pricing for existing customers
Cons
  • Limited to healthcare professionals
  • Requires a personal guarantee
  • Not transparent about APRs and fees
  • Only located in 16 states

9. Funding Circle – Best for Established Business

Funding Circle is a leading online lender that offers affordable and transparent term loans to established small businesses. With competitive interest rates, longer loan terms, and no prepayment penalties, Funding Circle provides businesses the capital they need to invest in long-term growth opportunities and strengthen their financial position.

Eligibility Criteria

  1. At least two years in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 660 or higher

Loan Amounts: $25,000 – $500,000

APR: 7.49% to 24.99%

Minimum Credit Score: 660

Pros
  • Competitive interest rates
  • Longer loan terms (up to 5 years)
  • No prepayment penalties
Cons
  • Requires a lien on business assets
  • Not ideal for businesses with low revenue or credit scores
  • Longer application process compared to other lenders

10. Biz2Credit – Best for Loan Options

Biz2Credit is a small business financing platform that connects borrowers with a wide range of loan options from an extensive network of lenders. With a personalized approach to loan recommendations and various loan products, Biz2Credit helps businesses find the right financing solution to meet their unique needs and financial goals.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 575 or higher

Loan Amounts: $25,000 – $6,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 575

Pros
  • Wide range of loan options
  • Access to a network of lenders
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees

FAQs

What are some of the best small business banks in New Hampshire?
Some of the best small business banks in New Hampshire include Citizens Bank, TD Bank, and Eastern Bank.
What makes a bank a good fit for a small business?
A good bank for a small business offers low fees, high customer support, and access to a range of financial products.
Do small businesses in New Hampshire have access to any special banking options?
Some small business banks in New Hampshire have specialized offerings for local businesses, such as networking events and seminars.
Are there any New Hampshire-specific regulations small businesses should keep in mind when selecting a bank?
Small businesses in New Hampshire should ensure their bank is FDIC-insured and that their practices align with state and federal regulations.
What should I look for when choosing a bank for my small business?
You should look for low fees, personalized customer service, and a range of financial products.
What are some of the benefits of using a local bank for a small business?
A local bank may offer more personalized customer service and have a better understanding of the needs of the community.
What types of small businesses do banks in New Hampshire serve?
Banks in New Hampshire serve a wide range of small businesses, from retail to technology to healthcare.
What should I do if I am unhappy with my small business banking experience in New Hampshire?
You should reach out to your bank’s customer service department directly to see if any issues can be resolved.
What kinds of fees should I expect from a small business bank in New Hampshire?
Fees could include transactional fees, monthly account fees, and loan application fees.
Can a small business in New Hampshire get a loan through a bank?
Yes, small businesses in New Hampshire can get loans through banks.
What types of loans are available to small businesses in New Hampshire?
Small businesses in New Hampshire can gain access to traditional loans, lines of credit, and SBA loans, among others.
Are there any banks in New Hampshire that offer special grants to small businesses?
Some banks in New Hampshire may offer special grants or funding opportunities.
What are some resources available to New Hampshire small business owners who need financing?
The New Hampshire Small Business Development Center offers resources and access to financing options for small businesses in the state.
Are online banks a good option for small businesses in New Hampshire?
Online banks may be a good option for small businesses if they can meet all of the business’s financial needs.
How can I compare banking options for my small business in New Hampshire?
You can compare banking options by researching fees and offerings, and reading reviews from other small business owners.
Are there any banking incentives available for New Hampshire small businesses?
The state of New Hampshire may offer tax incentives for small businesses, but these do not come directly from banks.
How do I apply for a loan through a small business bank in New Hampshire?
You can typically apply for a loan through a small business bank by submitting an application online or in person.
Can New Hampshire small businesses obtain financing from non-bank lenders?
Yes, New Hampshire small businesses can receive financing from non-bank lenders, such as online lenders, credit unions, and community development financial institutions.
What is the role of small business banks in New Hampshire?
The role of small business banks in New Hampshire is to offer financial services and loans to local businesses, stimulating the economy.
Is it possible for small businesses to open international accounts with a New Hampshire bank?
Yes, some small businesses in New Hampshire may benefit from opening international accounts with their bank.
How can I monitor my small business’s activity through my bank in New Hampshire?
Many banks in New Hampshire offer online banking and mobile apps for small business owners.
What effect do state taxes and regulations have on small businesses banking in New Hampshire?
Regulations and taxes can impact the financial options available to small businesses banking in New Hampshire.
What technology exchange programs are available for small businesses through their banks in New Hampshire?
Some small business banks in New Hampshire may offer technology exchange programs for their clients.
Are there any restrictions placed on banks in New Hampshire that limit their relationships with foreign companies?
Banks in New Hampshire are regulated by state and federal laws that restrict their relationships with certain foreign companies.
Can New Hampshire small businesses access government-funded or census data to inform their banking strategies?
The U.S. government offers access to various data points that New Hampshire small businesses can leverage in developing their banking strategies.
What steps can New Hampshire small businesses take to mitigate the risk of cyber-hacking or fraud on their financial accounts?
Small businesses in New Hampshire can mitigate cybersecurity risks by staying up to date about online safeguards and implementing fraud-detection strategies.
What types of support or services specifically address financial law located to New Hampshire?
Banks in New Hampshire should have specialists in financial law specifically for providing the extra SUPPORT or services for New Hampshire small businesses.
How does a stable housing market affect my small business in New Hampshire?
A stable housing market reflects the general economic health condition of the state/country that impact small business negativity – as could lead to a decline in businesses hailing from the decrease of customer volume.
Is there a correlation between unemployment rates and small business banking access in New Hampshire?
Unemployment rates might impact small business banking access as they tell that households would address their basic needs before supporting small businesses, inevitably triggering a decrease in customer volume.
Can small business owners in New Hampshire obtain business loans through these banks?
Yes, small business owners in New Hampshire can obtain business loans through TD Bank, Bank of America, and Citizens Bank.
What types of business loans do these banks offer in New Hampshire?
These banks offer a variety of business loans including term loans, lines of credit, Small Business Administration (SBA) loans, and equipment financing.
Can small businesses in New Hampshire open business checking accounts with these banks?
Yes, small businesses in New Hampshire can open business checking accounts with TD Bank, Bank of America, and Citizens Bank.
Do these banks offer any specialized banking solutions for small businesses in New Hampshire?
Yes, these banks offer specialized banking solutions for small businesses in New Hampshire such as cash management and merchant services.
Are there any free business checking account options available to small businesses in New Hampshire?
Yes, Citibank offers free business checking account options for small businesses in New Hampshire.
What are some of the fees associated with small business checking accounts in New Hampshire?
Monthly fees, transaction fees, and overdraft fees are common fees associated with small business checking accounts in New Hampshire.
Can small businesses in New Hampshire apply for credit cards through these banks?
Yes, small businesses in New Hampshire can apply for credit cards through TD Bank, Bank of America, and Citizens Bank.
Are there any rewards or cashback options for credit cards offered by these banks in New Hampshire?
Yes, these banks offer rewards or cashback options for credit cards in New Hampshire.
Are there any specific restrictions on who can apply for small business loans through these banks in New Hampshire?
Yes, the banks may have specific credit and revenue qualifications that small businesses must meet to be eligible for loans in New Hampshire.
Do these banks offer any online banking solutions for small businesses in New Hampshire?
Yes, these banks all offer online banking solutions for small businesses in New Hampshire.
Are there any mobile applications available for small business banking in New Hampshire?
Yes, these banks all offer mobile applications for small business banking in New Hampshire.
How can small businesses in New Hampshire access customer support for these banks?
Small businesses in New Hampshire can access customer support for these banks by phone, email, or by visiting a local branch.
Are these banks open on weekends in New Hampshire?
Many branches of these banks are open on Saturdays, but not all branches are open on Sundays.
Are there any specialized financing resources available for women-owned small businesses in New Hampshire?
Yes, Bank of America offers a Women’s Business Program for female entrepreneurs in New Hampshire.
Can small businesses in New Hampshire obtain lines of credit from these banks?
Yes, small businesses in New Hampshire can obtain lines of credit from TD Bank, Bank of America, and Citizens Bank.
What are some common reasons for obtaining a line of credit for a small business in New Hampshire?
Small businesses in New Hampshire often obtain lines of credit for operating expenses or cash flow management.
What types of SBA loans are available to small businesses in New Hampshire through these banks?
TD Bank, Bank of America, and Citizens Bank all offer 7(a) and 504 SBA loans to small businesses in New Hampshire.
Can small businesses in New Hampshire obtain equipment financing through these banks?
Yes, small businesses in New Hampshire can obtain equipment financing through TD Bank, Bank of America, and Citizens Bank.
What are some examples of businesses that might benefit from equipment financing in New Hampshire?
Examples of businesses that might benefit from equipment financing in New Hampshire include manufacturing, restaurant, and construction businesses.
Are there any options for merchant services for small businesses in New Hampshire?
Yes, these banks offer merchant services such as credit card processing and mobile payments for small businesses in New Hampshire.
What are some tips for small business owners in New Hampshire when applying for a business loan?
Small business owners in New Hampshire should have a solid business plan, clean credit history, and financial projections available before applying for a business loan.
Can non-profit organizations in New Hampshire obtain business loans from these banks?
Yes, non-profit organizations in New Hampshire can obtain business loans through TD Bank, Bank of America, and Citizens Bank.
What are some tax considerations for small businesses in New Hampshire that are obtaining loans?
Small businesses in New Hampshire should consider the tax implications of any business loan obtained, including any business interest deductions and debt discharge income.
Are there any business banking seminars or workshops offered by these banks in New Hampshire?
Yes, these banks often offer business banking seminars or workshops in New Hampshire on topics such as business lending and cash management.
Can small businesses in New Hampshire obtain commercial real estate financing through these banks?
Yes, small businesses in New Hampshire can obtain commercial real estate financing through TD Bank, Bank of America, and Citizens Bank.
What types of collateral are typically required for small business loans in New Hampshire?
Collateral requirements for small business loans in New Hampshire may include business assets or personal assets such as cars, homes, or other personal property.
Are there any grants or other funding opportunities specifically available for small businesses in New Hampshire?
Yes, the New Hampshire Small Business Development Center has information on grants and funding opportunities for small businesses in New Hampshire.

Also Read

Conclusion

As New Hampshire, also known as The Granite State continues to foster a vibrant entrepreneurial ecosystem, having access to the right financial partners and resources will be crucial in navigating this thrilling ride. By exploring various small business loan options and staying attuned to the ever-evolving financing landscape, entrepreneurs can achieve their dreams and contribute to the ongoing prosperity of the New Hampshire economy.

When looking for the best small business loans in New Hampshire, it’s essential to consider your unique needs and financial situation. Whether you’re forming a New Hampshire LLC or growing your existing LLC in New Hampshire, each of these lenders offers something different to help you achieve your goals. Be sure to compare loan options, eligibility criteria, APRs, and repayment terms to find the right fit for your business. Visit LLCBase for more information about starting an LLC in New Hampshire.

Leave a Comment